The rapid growth of the credit default swap (CDS) market and the increased number of defaults in recent years have led to major changes in the way CDS contracts are settled when default occurs. Auctions are increasingly the mechanism used to settle these contracts, replacing physical transfers...

This paper examines the way local Kenyan politics have affected implementation of the Standard Gauge Railway. It points to initial and immediate development opportunities for local content, jobs, and skills while arguing for a more rigorous assessment of the SGR's economic development...

As part of China's new "Belt and Road Initiative," Kenya's Standard Gauge Railway (SGR) aims to open East and Central Africa up to Chinese trade and investment. The first phase of the SGR, from Mombassa to Nairobi, is being constructed by the China Roads and Bridges Corporation (CRBC). Much like...

We propose a tractable equilibrium model for pricing defaultable bonds that are subject to contagion risk. Contagion arises because agents with 'fragile beliefs' are uncertain about both the underlying state of the economy and the posterior probabilities associated with these states. As such,...

Reduced-form models of default that attribute a large fraction of credit spreads to compensation for credit event risk typically preclude the most plausible economic justification for such risk to be priced - namely, a contagious response of the market portfolio during the credit event. When...